Beacon devices that periodically broadcast a beacon signal containing a small amount of data using a prescribed short-range wireless communication technology are increasingly being deployed in (e.g., installed into) a variety of venues across the globe. Compact, low-cost, typically battery operated versions of such beacon devices are commercially available from a large and increasing number of manufacturers. A given mobile computing device that is configured to support this wireless communication technology may detect (e.g., wirelessly receive and decode) the beacon signal that is periodically broadcast by a given beacon device whenever the mobile computing device is within the broadcast range (e.g., the coverage zone) of the beacon device. Based on this detection the mobile computing device may then determine its current context or physical location and automatically trigger one or more prescribed context-based or location-based actions/functions that may include providing the user of the mobile computing device with a prescribed context-based or location-based service.